东北证券表示，在当下时点，"十四五"计划进入最后一年，军工行业扰动因素已基本消除，下游需 求呈恢复性增长，同时2027年建设目标迫在眉睫，中长期目标也对行业发展提供明确指引：2035年基本 实现国防和军队现代化，2050年把人民军队全面建成世界一流军队。伴随需求恢复，产能结构逐步优 化，国防军工板块有望得到大幅改善，安全边际高，具备长期成长确定性。 航空航天ETF（159227）跟踪国证航天指数，申万一级军工行业占比高达97.86%，是全市场军工含 量最高的指数，聚焦军工细分空天力量，成分股覆盖战斗机、运输机、直升机、航空发动机、导弹、卫 星、雷达等全产业链龙头，完美契合"空天一体"的战略方向。 国证航天指数业绩领跑其他军工类指数，自2024年8月26日到2025年8月26日，国证航天指数收益率 62.45%，超过中证国防指数（53.81%）、中证军工指数（56.03%）和军工龙头指数（44.26%）。 8月27日，A股三大指数继续震荡上行，光模块、光芯片、半导体等行业继续强势，军工板块阶段 横盘调整后，继续活跃，全市场军工含量最高的航空航天ETF（159227）震荡上行，截至13点34，成交 额达1.11亿 ...

8月27日，A股三大指数集体上涨，电子、计算机、通信等行业依然表现强势，国防军工再度回调，截 至9点42，航空航天ETF（159227）跌幅0.32%，成交额达1563万元，稳居同标的第一。持仓股迈信林、 中国卫星（600118）、中航成飞（302132）、国睿科技（600562）等涨幅居前。 九三阅兵临近，军工板块预期增强。此前的发布会上相关负责人介绍，这次阅兵所有的受阅武器装备都 是国产现役主战装备，是继2019年国庆大阅兵后我军新一代武器装备的集中亮相，包括新型歼击机、无 人智能和反无装备、超高声速、防空反导、战略导弹等先进装备。 中航证券表示，市场风险偏好不减、基本面改善预期较大、地缘政治刺激频频、资本运作力度提升，共 同支撑着军工板块重心继续上移，热点板块如有回调依然应保持关注，同时滞涨标的机会也将逐步出 现。 航空航天ETF（159227）是全市场规模最大的航空类ETF，跟踪国证航天指数，申万一级军工行业占比 高达97.86%，是全市场军工含量最高的指数，聚焦军工细分空天力量，成分股覆盖战斗机、运输机、 直升机、航空发动机、导弹、卫星、雷达等全产业链龙头，完美契合"空天一体"的战略方向。 国证航天 ...

信达证券指出，复盘自2012十八大以来的4次重大阅兵，发现以下规律：1）"阅兵行情"通常会提前1-2 个月启动，过去4次正式阅兵前2个月军工指数均上涨。2）军工"阅兵行情"表现强弱，主要取决于当时 市场强弱与风险偏好、阅兵规模有关。比如2015年"九三阅兵"规模较大，叠加当时市场整体强势反弹， 军工行业区间超额收益高达84%。3）阅兵之后，军工板块可能会有短期调整压力，但长期走势依然由 军工行业基本面决定。维持对军工板块看好的观点，重点关注"新质战斗力"。 8月26日，A股三大指数小幅震荡，国防军工行业下跌，截至14点24，全市场军工含量最高的航空航天 ETF（159227）跌幅0.55%，成交额达1.2亿元，稳居同标的第一。持仓股中国卫星再度涨停，迈信林涨 超6%，华力创通、长城军工、纳睿雷达、光启技术等股跟涨。 2025年作为"十四五"规划收官年，军队建设"十四五"规划正处于能力集成交付的攻坚期，相关订单需求 预计将加速兑现。 在2025-2026年期间，"十五五"规划的编制与落地，将为未来三到五年军工行业提供 清晰的发展蓝图。伴随新一轮订单周期的展开，行业的成长确定性与景气度有望得到双重强化，进而推 动 ...

Core Viewpoint - The aerospace and defense sector is experiencing notable growth, driven by increasing complexities in the international environment and the need for advanced military capabilities [1] Group 1: Market Performance - Major indices opened higher but showed mixed performance, with significant gains in digital currency and cross-border payment sectors [1] - The aerospace ETF (159227) rose by 0.08% with a trading volume of 1.07 billion yuan, maintaining its position as the leading ETF in the military sector [1] - Key stocks in the aerospace sector, such as Hitec High-New, surged to their daily limit, with other major players like AVIC Chengfei, AVIC Shenyang, AVIC Xi'an, and Aero Engine Corporation leading the gains [1] Group 2: Industry Insights - Guotai Junan Securities emphasizes the necessity of advanced aircraft and missiles for modern warfare, alongside efficient and cost-effective equipment like rockets and a reliable communication command system [1] - The aerospace ETF (159227) tracks the Guozheng Aerospace Index, which has a high military industry representation of 97.86%, focusing on the aerospace segment and covering a full range of industry leaders in fighter jets, transport aircraft, helicopters, engines, missiles, satellites, and radars [1] - From July 31, 2024, to July 31, 2025, the Guozheng Aerospace Index is projected to yield a return of 37.28%, outperforming other indices such as the CSI National Defense Index (33.06%), CSI Military Industry Index (30.4%), and Military Leaders Index (26.78%) [1]

截至2025年8月14日 14:12，国证航天航空行业指数(CN5082)成分股方面涨跌互现，海兰信(300065)领涨 3.97%，中航沈飞(600760)上涨0.20%，内蒙一机(600967)上涨0.07%；建设工业(002265)领跌。航空航天 ETF(159227)最新报价1.19元。 中航证券指出，本轮军工行情中，军工材料整体涨幅落后行业，军工板块轮动、补涨逻辑初现，军工材 料当前具备较高性价比，当前市场对于军工板块关注度较高，但临近半年报密集披露季，预期与实际能 否达成一致，是影响行业持续上涨的重要因素，截至8月6日，有6家军工材料相关公司公告了2025年半 年度业绩预告，其中4家企业业绩实现了增长，2家企业业绩同比下滑。目前发布业绩预告的上市公司净 利润增速下限为26.18%，增速上限中位数为41.31%。 流动性方面，航空航天ETF盘中换手25.14%，成交2.10亿元，市场交投活跃。拉长时间看，截至8月13 日，航空航天ETF近1月日均成交1.43亿元，排名可比基金第一。 航空航天ETF（159227）跟踪国证航天指数，申万一级军工行业占比高达97.91%，是全市场军工含量最 高的指数，聚 ...

8月14日，A股三大指数集体上涨，沪指盘中一度冲破3700点，军工板块出现回调，截至11点03， 航空航天ETF（159227）跌幅1.65%，成交额达1.23亿元，稳居同类第一，持仓股内蒙一机、中航沈 飞、迈信林上涨，建设工业、长城军工、中兵红箭、航天晨光等领跌。 （责任编辑：董萍萍 ） 航空航天ETF（159227）跟踪国证航天指数，申万一级军工行业占比高达97.86%，是全市场军工含 量最高的指数，聚焦军工细分空天力量，成分股覆盖战斗机、运输机、直升机、航空发动机、导弹、卫 星、雷达等全产业链龙头，完美契合"空天一体"的战略方向。自2024年7月31日到2025年7月31日，国证 航天指数收益率37.28%，超过中证国防指数（33.06%）、中证军工指数（30.4%）和军工龙头指数 （26.78%）。 9月3日大阅兵仪式在即，带动军工板块热度高涨，反复活跃。华福证券看好阅兵后军工表现，认为 2025-2027年在【十四五任务冲刺】＋【建军百年目标】+【军贸快速发展】等多重催化下内需外需均增 长幅度巨大，且主题型机会层出不穷，发展军工或为未来重中之重。 【免责声明】本文仅代表作者本人观点，与和讯网无关。和 ...

8月1日，军工板块再度大幅回调，航空航天ETF（159227）盘整触底回升，截至11点10分，跌幅收窄至 1.62%，成交额达1.03亿元，稳居同类第一，持仓股长城军工领涨，天和防务、上海瀚讯、中国海防、 洪都航空等股均逆市上涨。 （文章来源：每日经济新闻） 从资金流向看，7月份航空航天ETF共获资金净流入超4.21亿元，最新规模达7.75亿元，创成立以来新 高，且位居同类第一。 航空航天ETF（159227）跟踪国证航天指数，申万一级军工行业占比高达98.2%，是全市场军工含量最 高的指数，聚焦军工细分空天力量，成分股覆盖战斗机、运输机、直升机、航空发动机、导弹、卫星、 雷达等全产业链龙头，完美契合"空天一体"的战略方向。自2024年7月29日到2025年7月28日，国证航天 指数收益率38.85%，超过中证国防指数（34.37%）、中证军工指数（32.84%）和军工龙头指数 （28.02%）。 山西证券表示，2025年是承上启下的一年，过去半年中"十四五"延迟订单逐步释放，需求边际好转，随 着"十五五"规划编制工作的启动，以及2027年百年建军目标的迫近，军工板块业绩将在2025年下半年筑 底回升，重新步 ...

Group 1 - The A-share market showed mixed performance on July 30, with the military industry sector being active, particularly the aerospace ETF (159227), which saw a decline of 0.59% and a trading volume of 646.1 million yuan, maintaining its position as the top in its category [1] - The aerospace ETF has attracted significant capital, with a net inflow of over 357 million yuan in July, bringing its latest scale to 724 million yuan, a record high since its inception [1] - The upcoming Army Day and the military parade on September 3 have increased market attention on the defense and military industry, alongside a recovery in demand and orders since 2025, leading institutions to begin increasing allocations to the military sector after ten consecutive quarters of reduction [1] Group 2 - Northeast Securities indicated that as the "14th Five-Year Plan" approaches its final year, disturbances in the military industry have largely dissipated, with downstream demand showing signs of recovery [2] - The long-term goals for the military industry provide clear guidance for development, aiming for modernization by 2035 and establishing a world-class military by 2050, which is expected to significantly improve the defense and military sector [2] - With recovering demand and an improving capacity structure, the defense and military sector is anticipated to have a high safety margin and long-term growth certainty [2]

Group 1 - The aerospace and defense sector is experiencing significant market activity, with the aerospace ETF (159227) rising by 1.02% and reaching a new high, with a trading volume of 1.01 billion yuan, leading its category [1] - The aerospace ETF has attracted over 348 million yuan in net inflows since July, bringing its total size to 703 million yuan, a record high since its inception [1] - The aerospace ETF tracks the Guozheng Aerospace Index, which has a high concentration of 98.2% in the defense industry, focusing on the aerospace sector and covering key components such as fighter jets, transport aircraft, helicopters, and missiles [1] Group 2 - Shanxi Securities indicates that 2025 will be a pivotal year for the military industry, with demand gradually improving as delayed orders from the 14th Five-Year Plan are released [2] - The military sector's performance is expected to bottom out and recover in the second half of 2025, coinciding with the initiation of the 15th Five-Year Plan and the approach of the 2027 centenary military goal [2]

Core Viewpoint - The article discusses the historical development of aviation, highlighting key figures and technological advancements that have shaped the industry over time. Group 1: Historical Milestones - The ancient Chinese had dreams of flying, as evidenced by historical artifacts like the Dunhuang murals [4] - The first powered flight was achieved by the Wright brothers in 1903, marking the beginning of modern aviation [7] - Chinese aviator Feng Ru created two aircraft models and conducted test flights in China, but tragically died in a crash in 1912 [12] Group 2: Engineering Challenges - Early aviation safety considerations focused on structural integrity, such as wing strength and fuselage durability [13][17] - Engineers used sandbags to simulate aerodynamic loads during ground tests due to the lack of advanced technology [16] - The concept of strength refers to a structure's ability to resist failure under load [17] Group 3: Aircraft Design and Safety - Lift is generated by the pressure difference between the upper and lower surfaces of the wing as it moves through the air [20] - Aircraft can experience vibrations and structural deformation during high-speed flight, necessitating a focus on wing stiffness [26][28] - Historical aircraft like the DC-3 and the Comet faced structural failures due to material fatigue [29][31] Group 4: Material Science and Testing - The introduction of fatigue testing and damage tolerance concepts has improved aircraft safety [59][62] - Modern aircraft design utilizes advanced materials like carbon fiber composites, which offer high strength-to-weight ratios [78][79] - Testing methods have evolved to include simulations and dynamic load tests to ensure structural integrity [88][90] Group 5: Human Factors and Operational Safety - Human error accounts for 70% to 80% of aviation accidents, highlighting the importance of training and technology in mitigating risks [93] - Modern aircraft employ advanced flight control systems that reduce the likelihood of pilot error [97] Group 6: Future of Aviation - The future of aviation is expected to integrate air and space travel, with advancements in high-speed vehicles that could redefine distance and travel time [130][131]